A joint venture of PCCP, LLC and Grand Peaks has acquired a two-property multifamily portfolio totaling 696 units—both of which completed construction earlier this year and are currently in the lease-up phase. The garden-style apartment communities include Village at Tradition in Port St. Lucie, Florida and Harbor Grove in Stuart, Florida.
“PCCP views this as a strategic opportunity to acquire some of the newest Class A multifamily properties in high growth submarkets of South Florida that provide strong demographics, low vacancy and limited planned new construction,” said Kevin Chin, a Managing Director with PCCP. “We are pleased to partner once again with Grand Peaks, an experienced investor and developer, on these two assets which have been experiencing strong leasing activity and interest to date.”
The floor plans at each of the properties feature efficient layouts, granite countertops, tile backsplashes, full washer/dryers, undermount sinks, gooseneck faucets, stainless appliances, recessed lighting, 9’ ceilings, and patios or balconies. Community amenities include a 24-hour fitness center, a multi-purpose clubhouse, a resort-style swimming pool, exterior storage, and a children’s play area. Following are details on each community:
- Located at 11750 Village Parkway in Port St. Lucie, Florida, Village at Tradition totals 372 units. The unit mix features 96 one-bedroom units and 276 two-bedroom units. The property is located adjacent to Interstate 95 within the Tradition master-planned community, a new 1.2 million-sf mixed-use development with 500,000-sf of retail, a public park, medical, office, charter schools and single-family housing.
- Located at 3250 SE Commerce Avenue in Stuart Florida, Harbor Grove consists of 324 units, 20 of which are slated as affordable housing. The property features 108 one-bedroom units and 216 two-bedroom units. The property is adjacent to US 1 and Interstate 95, is within three miles from Downtown Stuart, and is 39 miles north of West Palm Beach.
Grand Peaks is a real estate company focused on investment, development, and property management. The company owns 10,200 units across 37 apartment communities nationally totaling $3.5 billion in assets under management, including 15 properties in Florida.